Deutsche Bank managers must come into the office four days a week, and all other staff must come in at least three, as of June according to an internal memo seen by Bloomberg.
Additionally, remote work Mondays following a remote work Friday will be banned, evaporating the chances of long remote work weekend holidays. Chalking the change up to “inefficient” use of real estate, chief executive Christian Sewing and chief operating officer Rebecca Short said in the memo the bank wants to “spread our presence more evenly across the week.”
This runs counter to plans the bank had last year to cut real estate in Frankfurt, Germany, where it’s headquartered, and a neighboring town by 40% to cut costs.
With the new policy, the bank is also backpedaling on a 2021 policy that let staffers work remotely 40% to 60% of the time, or up to three days weekly. Concerns about productivity and cohesiveness have plagued bank CEOs since remote work became the status quo during and in the time following the coronavirus pandemic.
JPMorgan Chase CEO Jamie Dimon said in 2023 that remote work doesn’t work for “young kids or spontaneity or management,” and in 2021, he said, “It doesn’t work for those who want to hustle. It doesn’t work for spontaneous idea generation. It doesn’t work for culture.”
Last year, the bank told at least one level of employee — managing directors — that they’re expected to be present five days a week, effectively ending hybrid work for those workers.
“Our leaders play a critical role in reinforcing our culture and running our businesses,” JPMorgan’s operating committee wrote at the time. “They have to be visible on the floor, they must meet with clients, they need to teach and advise, and they should always be accessible for immediate feedback and impromptu meetings. We need them to lead by example.”
Other JPMorgan workers must be present three days weekly. Meanwhile, BlackRock has required employees in the office four days weekly since last May, and Bank of America and Citi have required employee presence three days weekly.
To uphold its comparably liberal policy, though, Bank of America has been sending out “letters of education” since the fall to those who flout office presence requirements.
“Failure to follow the workplace excellence expectations applicable to your role within two weeks of the date of this notification may result in further disciplinary action,” a letter posted online by a Bank of America employee in January stated.
